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Wave Analysis 13.08.2012 (NZD/USD, EUR/USD)

13.08.2012

Analysis for August 13th, 2012

NZD/USD

We may assume that wave 2 has been completed in the form of zigzag pattern. On the minor wave level the price is forming an initial impulse inside wave [1]. Most likely, the pair will continue moving downwards in the nearest future.

More detailed wave structure is shown on the H1 chart. After finishing diagonal triangle pattern inside wave (5) of [C], the price has completed an initial impulse inside wave (1). Currently the local correction is taking place, but later we can expect the pair to continue falling down.

EUR/USD

We may assume that wave [4] has been completed in the form of zigzag pattern and right now the price is moving downwards and forming wave [5] of 3. There is a possibility that Euro may reach a new local minimum during the next several days.

As we can see at the H1 chart, the price has formed an initial descending impulse inside wave (1). At the moment the local correction is taking place. Most likely, in the nearest future Euro will start falling down and form wave (3).

Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.